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《大行》建銀國際降百度(09888.HK)目標價至96.57元 維持「跑贏大市」評級
建銀國際發表報告,維持百度(09888.HK)「跑贏大市」評級,目標價由101.04元降至96.57元。 報告指,百度AI計劃在2025年第一季度持續推進,推動雲收入按年增長42%,移動端搜索結果中生成式AI(GenAI)內容的佔比從1月的22%提升至4月的35%。管理層計劃加快搜索業務的AI轉型,該行預計百度生成式AI內容佔比將在年中突破50%。 該行認爲,儘管生成式AI搜索仍處於商業化初期,但其佔比提升將不可避免地影響傳統搜索庫存及關聯廣告收入,是其下調百度核心廣告業務復甦預期的關鍵考量。
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